The Federal Housing Administration announced that it will be increasing its annual mortgage insurance premium one quarter of one point on all 15-year and 30-year mortgages backed starting April 18th
The insurance increase is in response to a congressional mandate that gave the FHA permission to increase premiums and keep its insurance fund liquid. The higher premiums also were outlined in President Obama’s 2012 fiscal budget, which estimates the FHA will insure $218 billion in loans during the 2012 fiscal year.
After the transition, a borrower holding a 30-year, fixed FHA-insured loan valued at $163,000 will be paying $151 per month in premiums, compared to $118 under the current rates.
What does this mean to you as a prospective home buyer? Basically, it’s just another tax plan and simple. This FHA insurance increase is just another reason to look closer at the USDA mortgage option. When comparing FHA and USDA ( apples to apples) on a $163,000 home – the USDA option is around $97.00 per month cheaper. Do the math over a 30 year period, wow! In addition, the USDA loan is 100% financing and requires NO down payment. The FHA is factoring in the required 3.5% down payment. The USDA home loan is clearly the better option.
Interest in applying for a USDA home loan? Please visit our main web site by clicking here.
USDA Mortgage Source is Florida’s LOCAL leader for all 100% USDA / RD home loans. Serving all of Florida including Pasco county ( Lehigh Acers , Wesley Chapel , Odessa , Lutz , Land O Lakes ) and everywhere in between – please visit our main web site at www.UsdaMortgageSource.com or call 800-743-7556 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida. We are available to serve you seven days a week.
Servicing all the following Florida cities and counties:
Apopka | Aventura | Boca Raton | Bradenton | Brandon | Cape Coral | Clearwater | Clermont |Cocoa Beach | Coconut Creek | Coral Gables | Crestview | Crystal River | Daytona Beach | DeLand | Deltona | Delray Beach | Destin | Dunedin | Englewood | Fernandina | Flagler Beach | Fort Lauderdale | Fort Myers | Fort Pierce | Fort Walton Beach | Gainesville | Green Cove Springs | Hallandale | Hobe Sound | Hollywood | Homestead | Inverness | Jacksonville | Lakeland | Lake City | Lake Mary | Live Oak | MacClenny |Melbourne | Miami | Milton | Mount Dora | Naples | Ocala | Ocoee |Ojus | Orange Park | Orlando | Ormond Beach | Palatka| Palm Bay | Panama City | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta Gorda | Santa Rosa | Sarasota | Siesta Key | Springhill | St. Augustine | St. Petersburg | Sunny Isles | Tallahassee | Tamarac | Tampa | Titusville | Venice | Vero Beach | Weeki Wachee | Wesley Chapel | West Palm Beach | Winter Garden | Winter Haven | Winter Park | Winter Springs | Zephyrhills | Florida | Fla |FL
Alachua | Baker | Bay | Bradford | Brevard | Broward | Calhoun | Charlotte | Citrus | Clay | Collier | Columbia | Dade | De Soto | Dixie | Duval | Escambia | Flagler | Franklin | Gadsden | Gilchrist | Glades | Gulf | Hamilton | Hardee | Hendry | Hernando | Highlands | Hillsborough | Holmes | Indian River | Jackson | Jefferson | Lafayette | Lake | Lee | Leon | Levy | Liberty | Madison | Manatee | Marion | Martin | Monroe | Nassau | Okaloosa | Okeechobee | Orange | Osceola | Palm Beach | Pasco | Pinellas | Polk | Putnam | St. Johns | St. Lucie | Santa Rosa | Sarasota | Seminole | Sumter | Suwannee | Taylor | Union | Volusia | Wakulla | Walton | Washington | County
Revised July 1, 2014